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The Canadian government has published a regulatory proposal that would require stablecoin issuers to register with the Bank of Canada and is collecting public comments through Dec. 23. The proposal, published in the official gazette on Oct. 24, applies to stablecoins used in interprovincial and international transactions in Canada.
Canada currently relies on provincial and territorial securities regulators to oversee stablecoins handled by crypto trading platforms, but it does not have a comprehensive regime governing issuance itself. To implement its stablecoin law, which received royal assent in March, the government has drafted detailed rules for issuer registration and supervision. The aim is to reduce user losses tied to insufficient reserves or issuer bankruptcies, while strengthening risk management and privacy protections. The government also plans to bring companies offering stablecoin payment services under supervision through the Retail Payment Activities Act.